U.S. stock index futures rebounded on Tuesday after China’s central bank indicated it wanted its currency to trade at a higher level than expected against the dollar, easing tensions about the nation using its currency as a weapon in the trade war. The bounce came after Wall Street saw its worst trading day of 2019 in the previous session.
Overnight, China’s central bank set the yuan’s official reference point at stronger than the key 7 yuan-to-the-dollar point on Tuesday. The move calmed currency markets, initially rocked by fears the U.S.-China trade war was devolving into a currency war.
Shares of companies whose future prospects hang in the balance because of the trade war led the rebound in premarket trading. Caterpillar, Apple and Micron all traded higher in early trading. Ford rose after an upgrade by Morgan Stanley.
Source: CNBC
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